LTC insurance is generally the best way to protect assets against the costs of a chronic illness. This insurance is one of the most important insurances available to baby boomers and their parents today. Also know as home health care insurance, this policy provides a daily benefit to help pay for a nurse or nurses aid to help seniors in their daily activities at home. In addition, a comprehensive policy can be purchased to help cover the cost of an assisted living facility or nursing home if needed. The costs are based on several factors. These factors are age purchased, daily benefit amount, inflation protection and duration of the policy. Most insurance companies offer discounted policies for spouses.